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I want to encrypt my RDS instance but I'm a bit confused about the pricing, not sure about pricing. As per my understanding, it says each API request of Key Management Costs $0.03 per 10,000 requests. So each query means API request or each connection?

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When you encrypt your RDS volumes with default rds keys then you will be paying $1 per month for the key but the API request will be negligible. Also, there will be a KMS call every time the volume(encrypted volume) is attached to instances, which means whenever you reboot the instance you should have a KMS call.

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